OverviewThe position assumes full responsibility for the successful completion of multi-faceted real estate development projects – both market-rate and affordable - from inception through construction completion and lease-up. This individual is responsible for the strong leadership of an in-house team of Associate Developers, Assistant Developers and Administrative Assistants. This individual simultaneously assembles and manages an external team of financiers, architects, designers, engineers and contractors. Each developer simultaneously coordinates multiple projects in varying stages of development. This position demands strong financial skills, creative thinking, leadership, and effective communication.
Pay range:$130,000 - $140,000/year + bonus depending on experience.
This position is eligible for an uncapped performance-based bonus program tied to individual and company results.
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Responsibilities
- Identification and evaluation of real-estate development opportunities
- Determination of the financial feasibility for a viable project
- Determination of the suitability of a site
- Direct report to Pennrose Properties Chief Financial Officer for predevelopment expenditures expectations, development cash-flow, and development capital requirements
- Drafting and finalizing multiple, professional RFPs and RFQs
- Establishing strong public private partnerships
- Delivery of professional Powerpoint presentations before both large and small groups of financiers, municipalities, and community constituents for the purpose of marketing Pennrose Properties to groups potentially skeptical and occasionally adverse
- Development of realistic project budgets
- Coordination of efficient land-development approval process
- Assembly and leadership of superior development team
- Coordination of legal team
- Responsibility for all site control documentation, loan agreements, equity documents and partnership agreements
- Collaboration with architects and engineers in designing proposed developments
- Determination of realistic project schedules
- Meeting design, funding and construction deadlines throughout the project
- Meeting project budgets
- Oversight of contractors and other professionals to build proposed developments
- Efficient project management through superior team management
- Delivery of on-time, on-budget real estate development projects
- Coordination of lease-up of completed development with full flow of information concerning limiting criteria
- Management and motivation of in-house development team
- Maintenance of calendars
- Providing direction for the scheduling and coordinating of the logistics for all development meetings
- Balancing the opinions of internal staff with external participants in a timely and diplomatic manner
- Demonstrating an understanding of the workload and priorities of all development team members
- Keeping the Team Leaders well-informed of all project issues
Qualifications
Performance Metrics
- Agreement of Sale/ Development Agreements and site control secured
- Ensure 100% construction completion and receipt of all funds within established time frame
- Achievement of financial closings within established timeframes.
- Project lease-up at pace expected as of closings
- Achievement of fully approved project entitlements with established time frames.
Required Education and Experience:
- BA or BS required
- At least four years of experience as an associate developer or equivalent position
- Strong entrepreneurial instincts
- Solid analytical skills
- Documented well-rounded real estate background
- Demonstrated ability to sell an idea through exceptional verbal and written communication skills
- Confidence in delivering on-message PowerPoint presentations before possibly contentious groups
- Considerable interpersonal skills including the ability to establish and maintain effective working relationships with others; being both responsive and thoughtful
- Discretion in handling confidential information
- Demonstrated organizational skills, including the ability to set priorities in concert with the development team yet able to work independently
- Demonstrated ability to work under pressure exercising sound judgment, prioritizing demands and responding with composure to a fast-paced environment with high-energy leadership
- Demonstrated understanding of project proformas for both market-rate and public housing developments
- Profound understanding of HUD and Housing Finance agency budget requirements
- Experience in filing applications requesting Low Income Housing Tax Credits, Federal Home Loan Bank Affordable Housing Program funds and a multitude of other soft resources
- Demonstrated ability to respond to and resolve problems rapidly and efficiently
- Proficiency in Outlook, Microsoft Office including Word and Excel
- Demonstrated punctuality and respect for other’s time
- Accuracy – with an attention to detail - and speed in task execution
- Strong work ethic and exceptionally high work standards
- Maturity, good judgment and professionalism
- At least four years experience as an Associate Developer or equivalent position
- Requires a valid driver’s license, an insured vehicle, and the ability to travel (between properties, on-call emergencies, training, etc.)
Working Conditions:
- Ability to work periodic flexible hours is required. Ability to travel by plane and automobile is required.
- Ability to work at property locations within or near transitional neighborhoods – again with the support of PMC.
- Ability to climb stairs, take elevators, bend, squat and reach over head.
